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S&P 500 ends flat after rate cut

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The S&P 500 closed flat Wednesday. Stocks initially fell after the Federal Reserve cut interest rates by a quarter percentage point but recovered after chairman Jerome Powell said he was not ruling out further rate cuts. The Nasdaq closed lower.

Argus Research senior analyst Kevin Heal:

SOUNDBITE: ARGUS RESEARCH SENIOR ANALYST KEVIN HEAL (ENGLISH) SAYING:

"Even though we dropped a little, it's kind of like to me, it's kind of like a no-big-deal kind of thing. We're looking at you know, fundamentally, nothing's really changed. A lot of it was baked into the market already."

Shares of FedEx plummeted and were the biggest decliner on the S&P 500. The delivery company sharply slashed its profit forecast for next year. It blamed U.S.-China trade tensions, weaker international activity, and the loss of its contract with Amazon.com.

ALSO DOWN ON WEDNESDAY WAS Adobe. The maker of the Photoshop editing software issued a disappointing forecast for revenue in the current quarter.

AND Investors WERE LEFT WITH A BAD TASTE IN THEIR MOUTHS FOLLOWING RESULTS FROM Chewy. Shares fell after the online pet food retailer's quarterly loss widened more than analysts expected. The stock has plummeted since the company went public in June.

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(this top will change once Powell speaks)

Stocks on Wall Street edged lower Wednesday after economic bellwether FedEx delivered a dismal profit warning. Investors sold telecom and industrial stocks and snapped up defensive sectors like utilities and consumer staples.

Argus Research senior analyst Kevin Heal:

SOUNDBITE: ARGUS RESEARCH SENIOR ANALYST KEVIN HEAL (ENGLISH) SAYING:

"XXX."

Shares of FedEx plummeted and were the biggest decliner on the S&P 500. The delivery company sharply slashed its profit forecast for next year. It blamed U.S.-China trade tensions, weaker international activity, and the loss of its contract with Amazon.com.

Adobe dropped for a similar reason. The maker of the Photoshop editing software issued a disappointing forecast for revenue in the current quarter.

More to chew on for investors of Chewy. Shares fell after the online pet food retailer's quarterly loss widened more than analysts expected. The stock has plummeted since the company went public in June.